Rise of digital payments due to the COVID-19 pandemic

Digital payments bounce back to pre-Covid levels - The Economic Times

The COVID-19 pandemic has shaken the entire economy of India, everything from businesses, stock markets, tourism, and other industries, and has also largely affected the day-to-day lives of civilians. How many of us have moved to using more of contactless payments because of the pandemic? Almost everyone! Using a banking app, digital wallet or e-wallet is the best way to stay away from the virus while shopping or using services during these times and this clearly shows that mobile and digital payments are here to stay.

So what is a digital wallet?
A digital wallet is an e-wallet that can be used to make payments. From groceries to bill payments to DTH recharge, you can make all the transactions through these mobile wallets at the comfort of your home. Digital wallets have really made our lives much easier and safer especially during this covid outbreak, with its one-tap feature and easy quick processing. These wallets are designed to enable and ensure a smooth, secure, and integrated flow of transactions with a hassle-free process. Usually, a digital wallet uses a bank account, debit/credit card information to process payments seamlessly while fully securing all the details of the customer.

And what is a mobile banking app?
Mobile banking is a convenient and secure service provided by a bank that allows its customers to conduct hassle-free financial transactions like shop online, pay electricity bills, etc using a smartphone or tablet. It allows the customers to view their account summary, transfer funds, make credit card payments, check account balance, study recent transactions, block the ATM card, pay bills, etc at any time and from anywhere. Mobile banking is also able to handle our financial lives during this pandemic in a much safer manner for situations that usually need a visit to the bank branches. This effectively feels like a bank from home that’s just at our fingertips.

One important aspect of using digital payments is that consumers can make cashless transactions while keeping it safe for both the parties involved. Another bonus point about using these e-wallets and banking apps is that they also offer their customers with coupons, rewards, and perks while they use the app for shopping online, paying utility bills, etc. So, all in all, digital payments were always the future in money transactions and the pandemic has only pushed it forward in a much larger dimension due to the safety and security that comes along with it.

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